Recto & Verso

Recto (pronounced rek-toh)

(1) A right-hand page of an open book or manuscript (almost always bearing the odd numbers); the front of a leaf.

(2) The front of a loose sheet of printed paper

1815–1825: A clipping of the Late Latin phrase rēctō foliō (on the right-hand (leaf or page)), ablative of the Latin rēctus (in this context “right”).  Recto is a noun; the noun plural is rectos.  The Latin rēctus (past participle of the verb “regere” (to rule; to guide; to straighten) and perfect passive participle of regō (to keep or lead straight, to guide)) was from the Proto-Italic rektos, corresponding to the primitive Indo-European hreǵtós (having moved in a straight line), from reǵ- (to move in a straight line; to direct).  It was used to mean “straight”, “upright” and “correct” as well as “right”.  In general use it was used in the sense of “right, correct, proper, appropriate, befitting with a particular emphasis on “morally right, correct, lawful, just, virtuous, noble, good, proper, honest”.  The association with “straightness” and “rightness” also influenced other derivatives in Latin and Romance languages, such as rectum (straight (and its use in anatomy)), rectitude (moral uprightness) and words in modern languages (rectify, direct et al).

Verso (pronounced vur-soh)

(1) A left-hand page of an open book or manuscript (almost always bearing the even numbers); the back of a leaf.

(2) The back of a loose sheet of printed paper.

(3) In numismatics, the side of a coin opposite to the obverse (the reverse)

1830–1840: A clipping of the New Latin phrase versō foliō (the leaf having been turned; the turned side of the leaf; on the turned leaf), the construct built with the Latin verb vertere (to turn; to revolve; to change) + folium (a leaf). 

Vertere ultimately was from the primitive Indo-European root wert- (to turn; to rotate).  Verso was the ablative form of versus (turned; facing; a line or verse in poetry, (originally meaning “a turning of the plow”), thus, as used in versō foliō , the reference was to the back (reverse) side of a page in a book or manuscript (as opposed to the recto (the front side).  The primitive Indo-European root wert- also provided the ultimate source of a number of related words in Indo-European languages, all of which is some way emphasize the concept of “turning” or “change”, the modern descendants including verse, invert, revert, and versatile, all of which preserve the idea of turning or changing orientation.  Verso is a noun; the noun plural is versos.

Recto is the front (right) and verso the back (left) side of a leaf of paper in something assembled permanently (ie bound or in some way joined permanently at the spine) in a book, codex or such.  The terms have always been used to refer to the finished article, not the material used in production.  This was not something of significance when books were assembled from single sheets which then were bound but in mechanical printing, it became common for larger sheets (the folium) to be printed with many pages, later to be folded (prior to binding) so the numbers on those larger sheets weren’t sequential when the page was flat but became so when folded.  Rēctō foliō (on the right side of the leaf) and versō foliō (on the back side of the leaf were thus created in the bindery, not by the scribe).  The use of the terms for loose leaf sheets came later.

Recto & Verso are sometimes referred to as part of the architecture or archeology of printing, correctly, they’re an aspect of codicology (the study of codices) and there is some academic dispute about the origins, the Australian historian Martyn Lyons (b 1946) suggesting the term rēctum (right, correct, proper) for the front side of a leaf was derived from the use of papyrus in late antiquity, based on a different grain running across each side with on one suitable for writing upon (the “correct”, smooth side).  In an echo of that, even modern paper has a “grain” (by virtue of the way the pulp is laid in the production process) and when using heavily textured bond paper, the most fastidious technicians ensure the stock is “laid” the “correct” way.  Recto and verso are reversed when language read right-to-left are used (so regardless of language, the verso is read first).  In publishing, the convention is for the first page of a book (page 1) to be a recto so almost all recto pages have odd numbers and all versos even numbers.

On-line editions of publications are not simply digital replications of the layout used in print where the recto-verso model remains in use.  The migration to screens has been cited as the prime reason the “two-page spread” is now less common in print.

With the coming of computers, pages came to be viewed on screens and as technology improved, it became possible to display two pages, side-by-side, thereby permitting publications such as pictorial magazines to maintain the recto-verso model and for readers to consume the content presented in the same visual format as the printed edition.  However, the screens of eBook readers, smartphones and tablets have a smaller surface area than the typical computer monitor and tend to be optimized for single-page display (although may do have a two-page option).  For that reason, publications which maintain both traditional print editions and on-line versions, have been compelled to create a different visual model for each format (there can be several) because the old “two-page spread” simply doesn’t work was well, viewed a page at a time.  The layout of on-line content is not simply a replication of a print edition (which follows the classic recto-verso model) and it seems clear the small has had a great influence on the large.

Louis Vuitton Recto Verso in Monogram Empreinte leather (left) and Louis Vuitton Pochette Cles (Vivienne collectors edition). 

Lindsay Lohan with Louis Vuitton Pochette Cles (key pouch) from LV’s Vuitton Monogram Charms collection.  

Among the many problems troubling the world, some have to ponder whether to buy a Louis Vuitton Recto Verso card holder or a Louis Vuitton Pochette Cles (key pouch), two items similar in size and function.  LV describes the Pochette Cles as a “…playful yet practical accessory that can carry coins, cards, folded bills and other small items, in addition to keys. Secured with an LV-engraved zip, it can be hooked onto the D-ring inside most Louis Vuitton bags, or used as a bag or belt charm.”  The Recto Verso is said to be a “…versatile accessory offers multiple practical features, including a flap pocket, a zipped compartment with a wide, L-shaped opening, and four card slots. It also has a concealed hook and chain which allow it to be attached to a bag or belt.”

Amber Ashleigh’s guide to choosing between Louis Vuitton's Retro Verso and Pochette Cles (Key Pouch).

The retail price of the Retro Verso is between US$590-720 while the Pochette Cles lists between US$320-410 (the price varying with the material used in the construction) and while the solution obviously is to buy at least one of each, not all modern young spinsters can afford that so they should watch Amber Ashleigh’s invaluable guide.  Ms Ashleigh says this is among her “most requested videos.”

Boutique

Boutique (pronounced boo-teek]

(1) A small shop, especially one that sells fashionable clothes and accessories or a special selection of other merchandise.

(2) Within a larger store, a small specialty department.

(3) As a modifier, any (usually small(ish)) business offering customized service (boutique law firm; boutique investment house; boutique winery etc).

(4) In informal use, a small business, department etc, specializing in one aspect of a larger industry (such as the “mining sector analysts”, “transport sector analysts” etch within a financial services research organization).

(5) Of, designating, denoting or characteristic of a small, specialized or exclusive producer (sometimes of the bespoke) or business (either attributive or self-applied).

1767: From the French boutique, from the Middle French, probably from the Old Provençal botica & botiga, from the Latin apotheca (storehouse), ultimately from the Ancient Greek apothēkē (apothecary) (storehouse).  The original meaning in the 1760s was “a small retail outlet (shop) of any sort” boutique, an inheritance from the fourteenth century French source and it wasn’t until the early 1950s it assumed the still familiar sense of “trendy little shop selling fashion items”.  The link with the mid-fourteenth century noun apothecary lay in its sense of “shopkeeper”, the notion of one being a place where is stored and sold “stores, compounds & medicaments (what is now described variously as “a pharmacy: or “chemist shop”) emerged quickly and soon became dominant.  The word was from the French apothicaire, from the Old French apotecaire, from the Late Latin apothecarius (storekeeper), from the Latin apotheca (storehouse)m from the Ancient Greek apothēkē (barn, storehouse (literally “a place where things are put away”)), the construct being apo- (away) + thēkē (receptacle (from a suffixed form of primitive Indo-European root dhe- (to set, put)).  The same Latin word produced French boutique, the Spanish bodega and the German Apotheke; the cognate compounds produced the Sanskrit apadha- (concealment) and the Old Persian apadana- (palace) and one quirk was that had the usual conventions been followed, the Latin apotheca would have emerged in French as avouaie.  The French masculine noun boutiquier (the plural boutiquiers; the feminine boutiquière) translates as “shopkeeper, storekeeper”.  Boutique is a noun & adjective and boutiquey & boutiquelike are adjectives; the noun plural is boutiques.  Of the adjectival use (resembling or characteristic of a boutique (however defined), the comparative is “more boutiquey”, the superlative “most boutiquey”).

Lindsay Lohan at the Singer22 boutique (described as the company’s “flagship store”), Long Island, New York, March 2011 (left) and at the opening of the Philipp Plein (b 1978) boutique, Mykonos, Greece, June 2019 (right).  Among fashion retailers, the term “boutique” is used both of high-end designer outlets and mass-market, high volume operations.  What the word implies can thus vary from “exclusive; expensive” to “trendy, edgy, celebrity influenced” etc.

Modern commerce understood the linguistic possibilities and that included the portmanteaus (1) fruitique (the construct being fruit + (bout)ique) (a trendy (ie high-priced) fruit shop in an area of high SES (socio-economic status)) and (2) postique (the construct being post(al) +‎ (bout)ique).  Originally, postique was a trademark of the USPS (US Postal Service) but it came to be used of retail stores selling items relating to postal mail (stamps, stationery and such).  One interesting trend in middle-class retailing has been the niche of the “boutiquey” stationery shop where the focus is on elegant versions of what are usually utilitarian office consumables; impressionistically, the client base appears almost exclusively female.  The “e-boutique” is an on-line retailer using the term to suggest its lines of garments are targeting a younger demographic.  The term “boutique camping” (services offering “going camping” without most of the discomforts (ie with air-conditioned tents, sanitation, running hot water etc) never caught on because the portmanteau “glamping” (the construct being glam(our) + cam(ping)) was preferred and, as a general principle, in popular use, a word with two syllables will tend to prevail over one with four.

By the 1970s, the term “boutique” had spread in fashion retailing to the extent it was part of general language; it tended to be understood as meaning “exclusive, small-scale fashion stores” which were in some way niche players (more on the cutting edge of design, specializing in a certain segment et al) in a way which contrasted with the large department stores.  The word gained a cachet and by the 1980s the “boutique hotel” was a thing, probably meaning something like “We are not the Hilton”.  That may be unfair and the classic boutique hotel was smaller, sometimes in some way quirky (such as being in a heritage building) and not necessarily cheaper than the major high-end chains.  The advertizing for boutique hotels often emphasized “individuality” rather than the “cookie-cutter” approach of the majors although the economics of running a hotel did conspire against things being too different and the standardization operations like Hilton or Hyatt offered around the world was a genuine attraction for many and not just the corporate clients.  Additionally, what the majors had done was raise the level of expectation and there was thus a baseline of similarity on which boutique players had to build.  Some successfully marketed the “difference” but structurally, there are more similarities than differences.  In the 1990s, the metaphorical sense was extended to just about anything in commerce which could be marketed as “specialized” although initially the most obvious differentiation was probably that the operations so dubbed tended to be “smaller and not part of a large multi-national”.  Thus appeared boutique law firms, boutique investment house, boutique wineries, boutique architects and such.

Boutique Hotel Donauwalzer, Hernalser Gürtel 27, 1170 Wien, Austria.

Although the use of the descriptor “boutique” didn’t become mainstream until the twenty-first century, “boutique” car manufacturers have existed since the early days of the industry and there have been literally hundreds (some of which didn’t last long enough to sell a single machine) and while a few endured to become major manufacturers or be absorbed by larger concerns, most fell victim either the economic vicissitudes which periodically cull those subsisting on discretionary expenditure or in more recent decades, the increasingly onerous web of laws and regulations which consigned to history the idea of "real" cars emerging from cottage industries.  Today, there are boutique operations and they tend to be either (1) parts-bin specialists which combine a bespoke body and interior fittings with components (engines, transmissions, suspension) from the majors or (2) those who modify existing vehicles (Ferraris & Porsches especially favored) with more power, bling or a combination of both.  Either way, the price tag can reach seven figures (in US$ terms).

The established high-end manufacturers noted the industry and although many had long offered customization services, the approach is now more institutionalized and exists as separate departments in separate buildings, there to cater to (almost) every whim of a billionaire (since the expansion of the money supply in the last quarter century they’re now a more numerous and still growing population).  The way the cost of a Porsche, Bentley or Ferrari can grow alarmingly from the list price (and these are not always the fiction some suggest) as the options & “personalizations” accumulate has attracted some wry comment but it’s not something new and the values are relative:  In the late 1960s, a Chevrolet Camaro might be advertized at around US$2800 but by the time the buyer had ticked the desired boxes on the option list, the invoice might read US$4400 or more.  Compared with that, adding US$55,000 in different paint, leather and wheels to a US$350.000 Ferrari starts to make LBJ era Detroit look like a bunch of horse thieves.

Monteverdi’s boutique Swiss concern

Peter Monteverdi (1934–1998 (and believed not in the lineage of Italian composer Claudio Monteverdi (1567–1643)) was a successful Swiss businessman and a less than successful race driver.  He was also one of the many disgruntled customers of Enzo Ferrari (1898-1988) and one of several inspired by the experience to produce cars to compete with those made by Il Commendatore.  For a decade between 1967-1976, his eponymous manufacturing concern (unique in Switzerland) produced over a thousand big, elegant (and genuinely fast) coupés, convertibles and sedans, all with the solidly reliable drive-train combination of Chrysler’s 440 cubic inch (7.2 litre) V8, coupled usually with the TorqueFlite automatic transmission and unlike some of the less ambitious boutique players in the era, Peter Monteverdi included engineering innovations such as the DeDion tube rear suspension (which had the advantage of keeping the rear wheels parallel in all circumstances, something desirable given the torque of the 440 and the tyre technology of the era).  In the post oil shock world of stagflation, it couldn’t go on and it didn’t, the last of the big machines leaving the factory in 1976 although Monteverdi did follow a discursive path until production finally ended in 1982; by then it was more (lawful) “chop shop” than boutique but those ten golden years did bequeath some memorable creations:

1970 Monteverdi Hai 450 SS.

The Lamborghini Miura (1966-1973) had fundamental flaws which progressively were ameliorated as production continued but the design meant some problems remained inherent.  People who drove it at high speed sometimes became acquainted with those idiosyncrasies but for those who just looked at the things forgave it because it was stunning achievement in aggression and beauty; it validated the notion of the mid- engined supercar.  Noting the Miura and the rumors of a similar machine from Ferrari (the prototype of which would be displayed at the 1971 Turin Auto Show and be released two years later as the 365 GT4 BB (Berlinetta Boxer the cover-story for the “BB” dsignation, the truth more exotic)), Peter Monteverdi built the Hai 450 SS (painted in a fetching “Purple Mist”) which created a sensation on the factory’s stand at the 1970 Geneva Motor Show.  “Hai” is German for “shark”; the muscular lines certainly recall the beasts  and the specification meant it lived up to the name.  Powered not by the 440 but instead Chrysler’s 426 cubic inch (7.0 litre) Street Hemi V8 (a version of their NASCAR racing engine tamed for street use) and using a ZF five-speed manual gearbox, the claimed top speed was a then impressive 180 mph (290 km/h), some 6-8 mph (10-13 km/h) faster than any Ferrari or Lamborghini and although the number seems never to have been verified, it was at least plausible.  Tantalizing though it was, although orders were received (the price in the UK was quoted at Stg£12,950, some 20% more than a Rolls-Royce Silver Shadow), series production was never contemplated and Peter Monteverdi was quoted explaining his reticence by saying “This car is so special you can’t deliver it to everybody.” So although over the years four were built (two with significant differences in mechanical specification) it was only the original prototype which ended up in private hands, the others retained by the factory (displayed at the Monteverdi museum in Binningen, Basel-Landschaft until it closed in 2016).  For trivia buffs, the Hai was the only car powered by a Street Hemi ever to have "factory-fitted" air-conditioning. 

1975 Monteverdi Palm Beach.

By 1975 it was obvious the writing was on the wall for the way things had been done in the era of US$2 a barrel oil but the Palm Beach, shown at that year’s Geneva Motor Show was a fine final fling.  The factory had had a convertible in the catalogue for years but the Palm Beach was different and rather than being a Monteverdi Berlinetta with roadster coachwork (as the appearance would suggest), it was based on the older High Speed 375 C platform with which the company had built its reputation.  It was thus the familiar combination of the 440 and TorqueFlite and the styling updates were an indication of how things would have progressed had events in the Middle East not conspired against it.  Although promotional material was prepared for the show and even a price was quoted (124,000 Swiss Francs), the Palm Beach remained an exquisite one-off.

Monteverdis in the last days of the big blocks: 375/4 (front), 375/L (centre) and Palm Beach (rear).

Others in the trans-Atlantic ecosystem offered four-door sedans including Facel Vega, Iso and De Tomaso but none offered a 7.2 litre big-block V8 or rendered it in such a dramatic low-slung package as the Monteverdi 375/4.  First shown at the 1971 Geneva Motor Show, production didn’t begin until the following year but the big machine made an impression on the press; big and heavy though it was, the aerodynamics must have been better than a first glance would suggest because testers who took it to Germany to run on the Autobahn (really its natural environment), found it would run to a genuine 144 mph, (232 km/h), out-pacing even the Mercedes-Benz 300 SEL 6.3 which had for some time reigned as the fastest four door (although the fastest of the Maserati Quattroportes might contest that).  Regular production of the 375/4 ended in 1973 although it remained available on special order with some demand from the Middle East (where the price of fuel was wasn’t much thought about when filling up) and it’s believed as many as 34 had been built when the last was delivered in 1975.  The last of them looked as good as the first although it wasn’t as fast, the later 440s detuned to meet US emission control rules although 120 mph (195 km/h) was still possible.

Bourse

Bourse (pronounced boors)

(1) A stock exchange, the term used variously (depending on context): (1) as a synecdoche for “stock exchange”, (2) collectively of the stock exchanges of continental Europe and (3) specifically the Paris stock exchange (the Bourse de Paris, known usually in English as the “Paris Bourse”).

(2) Figuratively, any place, real, virtual or imaginary where (1) something of value is traded or (2) the value of something tradable is set or settled.

(3) In philately, a meeting of stamp collectors and or dealers where stamps and covers are sold or exchanged.

(4) In botany, the swollen basal part of an inflorescence axis at the onset of fruit development; it bears leaves whose axillary buds differentiate and may grow out as shoots.

1590s: From the mid sixteenth century French burse (meeting place of merchants), from the French bourse (meeting place of merchants (literally “purse”)), from the twelfth century Old French borse (money bag, purse), from the Medieval Latin bursa (a bag), from the Late Latin bursa (oxhide, animal skin and a variant of variant of byrsa (hide)), from the Ancient Greek βύρσα (búrsa or býrsa), (hide, wine-skin) of unknown origin.  Linked terms are used for other European stock exchanges including the Danish børs, the Swedish börs and the German Börse with the roots evident in Modern English words including bursar and reimburse.  Bursa in Late Latin meant “oxhide, animal skin” (reflecting the origins in the Greek) but, by association with use, in Medieval Latin came to mean “purse made of leather” and that meant it came also to mean “supply of money, cash, funds”, extending later to “pension”.  The modern sense of “exchange where stocks are registered and exchanged” dates from 1845, taken directly from the Bourse de Paris (Paris stock exchange).  In one legend, the use of the word “bourse” for such places was said to be derived from the House of Van der Buerse, a family in Bruges, Belgium.  There, merchants and bankers would gather to conduct financial transactions and the a variant of the name “Buerse” came to be used.  The alternative history relates how there was a sign on the front of the Buerse’s house adorned with a painting of three burses (purses).  Bourse is a noun; the noun plural is bourses.

A modern bull scrotum purse.

In French, bourse is also a slang term (usually in the plural) for the scrotum and from gift-shops and street markets around the world, one can buy coin purses (various with clasps, zips and tie-strings) made from the scrotums of various slaughtered creatures.  It appears also in the (usually affectionate) French vulgarity: “Ça remonte à quand, la dernière fois que tu t’es vidé les bourses?” (When was the last time you emptied your balls?  In more polite use, there the bourse d’études (educational scholarship, stipend, student allowance), bourse d’excellence (merit scholarship; fellowship) and boursicaut (small coin purse (mostly archaic though still a favorite among antique dealers).

A bull scrotum purse in a traditional style.

One linguistic development in French might explain something about why the fluctuations in financial markets came increasingly to send ripples throughout economies: In the sixteenth century the verb boursicoter meant “to set money aside” (ie keep it in one’s purse) but by the mid-nineteenth century (under the influence of bourse coming to mean “stock exchange”, it had shifted to mean “having a flutter on the markets; dabbling in the stock market”.  In a similar vein, a boursier (feminine boursière, masculine plural boursiers, feminine plural boursières) could be (1) a scholarship beneficiary, a recipient of a bursary or grant, (2) a stockbroker or trader or (3) one who makes purses and handbags.  In idiomatic use (which survives as a literary device there was sans bourse délier (literally “without opening one's purse”) which is English aligns with “without spending a penny” or “not spending a dime”.

The Modern English purse was from the Middle English purse, from Old English pursa (little bag or pouch made of leather, especially for carrying money), partly from pusa (wallet, bag, scrip) and partly from burse.  The Old English pusa was from the Proto-West Germanic pusō, from the Proto-Germanic pusô (bag, sack, scrip), from the primitive Indo-European būs- (to swell, stuff) and was cognate with the Old High German pfoso (pouch, purse), the Low German pūse (purse, bag), the Old Norse posi (purse, bag), the Danish pose (purse, bag) and the Dutch beurs (purse, bag).  The Old English burse was from the same source as the French bourse.  “Purse” (as a synecdoche for “financial matters generally” is widely used in idiomatic English and persists in the UK persists in the office of Keeper of the Privy Purse, a member of the royal household who manages the financial affairs of the sovereign.  The office dates from the early sixteenth century (things in the palace don’t often change) and can be understood as something like a CFO (chief financial officer) or FC (financial controller (comptroller the historic use)).  Purse had been used in the sense of “the royal treasury” as early as the late thirteenth century and the figurative sense of “money, means, resources, funds” emerged by the mid-1300s, this extending to specific defined instances (such as “prize for winning a horse race etc”) by the 1640s.  The thirteenth century use in Middle English to mean “scrotum” was indicative of the shape and size of the leather pouches used to carry coins.

Lindsay Lohan illustrates the purse and the handbag: The clutch purse (left) would everywhere be understood as “a purse” but in the US such a thing commonly would be called “a clutch” because “purse” is used also of larger items.  The red one (centre) would often be called a purse in the US but elsewhere in the English-speaking world it is certainly a handbag.  By the time something assumes the dimensions of a Louis Vuitton Doctor's Bag (right), it is definitely a handbag, tote or something beyond a purse.

Purse was first used of a “woman's handbag” in the late 1870s.  Originally a purse was “a small bag for carrying money” and that use persisted even after purses became less scrotum-like but in the US it came to be used also of what would in the UK be called a “handbag” (a small bag carried usually by women and typically containing personal items (lipsticks, other makeup and often a “purse” (in the original sense)).  Not infrequently, in trans-Atlantic use, the terms “purse” and “handbag” are used interchangeably, but confusion can arise if there’s no accompanying visual clue which is why the term “clutch purse” has proved so useful.  A clutch purse is a small, often rectangular bag designed conveniently to be carried in one hand (although many are supplied with an (often detachable) chain or strap which can be slung over the shoulder or used in cross-body style.  In the industry, not only is there no set of parameters which defines where a purse ends and a handbag begins and shamelessly manufacturers will use the labels indiscriminately if they suspect it will stimulate sales.  The US usage has infected the rest of the world including places like the UK where once there was a clear distinction and now it’s something really in the eye of the beholder, perhaps recalling the judgment Potter Stewart (1915–1985; associate justice of the US Supreme Court 1958-1981) handed down (in another context) in Jacobellis v Ohio (378 U.S. 184 (1964)): “I shall not today attempt further to define… and perhaps I could never succeed in intelligibly doing so.  But I know it when I see it…”

Bear & bull statues outside the Börse Frankfurt (Frankfurt Stock Exchange, formerly known as the Frankfurter Wertpapierbörse), the world's third oldest stock exchange.  Located in the German state of Hesse, Frankfurt is the country's financial centre.

About the only thing which can be guaranteed of a stock market is it will fluctuate and the most famous terms used of bourses are “bear market” & “bull market”, describing respectively the market conditions as they respond to the central dynamics of the business: fear & greed, both of which tend to manifest in waves because of what is known as the “herd mentality” of investors (gamblers as some prefer to describe themselves).  The collective noun for a group of bulls is a herd (less commonly a gang while bears assemble (a less common behavior for them) in a sloth (or sleuth).  The bull & bear metaphors have been in use since the early eighteenth century and the origin of the “bull” is uncontested and refers to the habit aggressive bulls display in pushing forward and tossing their heads upward, the idea being a herd of “bullish investors” will drive up the prices of the stocks they’re pursuing, thus creating a “bull market”.  The math of these terms is not precisely defined but, as a general principle, the view seems to be they are used of a market in which prices rise (bull) of fall (bear) 20% or more from a recent trough or peak, usually over a period or weeks or months depending on the state of an economy.  The labels can be applied to a single asset, an asset class, a group of securities, or a market as a whole and if the trends are mild or seem tentative, things can be called “bullish” or “bearish”.

One of several bull statues, DPRR (Democratic People's Republic of Rockhampton), Queensland, Australia.

The origin of the bestial analogy of the bear is contested.  The oldest story concerns the London trader who sold a shipment of Canadian bearskins sometime before they had come into his possession, his strategy being a gamble the market would fall and he’d just have to pay less for something he’s already sold at a higher price, thus gaining from “the spread” (the difference between the cost and selling prices and a variation on the mechanism used today by the “short sellers”).  These traders came to be known as “bearskin jobbers”.  The alternative history is more directly from behavioral zoology: the way bears with their powerful limbs and big, sharp claws will, if in the mood “claw stuff down”.

Lindsay Lohan with Valentine’s Day stuffed teddy bear.

The use may also have been influenced by the unfortunate history in England of bull and bear-baiting, gruesome, fight-to-the-death contests between the beasts which seem first to have been held during the thirteenth century and reaching an apex of popularity during the reign of Elizabeth I (1533–1603; Queen of England & Ireland 1558-1603).  An audience would bet on the outcome and the link with stock exchanges is that while markets may percolate for sometimes long periods, there will always be battles between “the bears” and “the bulls” and it’s during these events that great fortunes are made and lost.  The language appealed to writers and was used by the English poet & satirist Alexander Pope (1688-1744) in Book II of The Dunciad (1728), a work mocking the greed and folly of investors (gamblers) associated with the South Sea Bubble, a financial scandal of the early eighteenth century and one of many examples of herd mentality and “irrational exuberance”:

Come fill the South Sea goblet full;
The gods shall of our stock take care:
Europa pleased accepts the Bull,
And Jove with joy puts off the Bear.

Revoke & Irrevocable

Revoke (pronounced ri-vohk)

(1) To take back or withdraw; annul, cancel, rescind or reverse; rescind or repeal.

(2) To bring or summon back.

(3) In certain card games, to fail to follow suit when possible and required (renege the more common term).

(4) Such an act or instance of revoking.

1300–1350: From the Middle English revoken, from the Latin revocāre (to call again; to call back; withdraw), the construct being re- (in the sense of “again”) + vocāre (to call).  The synonyms (depending on context) are countermand, nullify, recall and retract.  Revoke is a noun & verb, revoker is a noun, revoked & revoking are verbs and revokingly is an adverb; the noun plural is revokers.

Irrevocable (pronounced ih-rev-uh-kuh-buhl (U) or ih-ri-vohk-kuh-buhl (non-U))

Not to be revoked or recalled; unable to be changed, repealed or annulled; unalterable.

1350–1400: From the Middle English, from the Middle French irrévocable from the Latin irrevocābilis (that which cannot be recalled, unalterable), the construct being ir- (the prefix an assimilated form of in- (not, opposite of)) + revocabilis (able to be revoked).  Irrevocable is an adjective, irrevocableness & irrevocability are nouns, and irrevocably is an adverb; the noun plural is irrevocabilities.

The trust, Rupert Murdoch and irrevocably

The trust in its modern form is an invention of English common law.  Although the trustee concept was a part of Roman civil law, its operation essentially was restricted to the a class of ownership of assets held by someone who would now be known as the executor or administrator of the estate of a deceased; the administrator would be the legal owner (though not necessarily the possessor) of the goods but their rights to them was limited to distributing them (or if sold or dissolved, their value) to the beneficiaries named in the deceased testamentary documents (will).  The novel innovation of the English common law was to apply a similar concept to the property of someone living.  During the Crusades (the expeditions by Christian military formations between 1095-1291 attempting to retake the Holy Land (Jerusalem and its environs)), it was the practice for a land-owning Crusader to convey (ie transfer ownership) his property to another so the estate could continue to operate as part of the feudal land system, this done on the basis that upon his return to England, the property would revert to him.  Most such arrangements were honored but some were not and because English law regarded land title as absolute, whomever was the legal “owner” of the land could defend that right against any claim.  A subject’s only recourse was to seek justice by petitioning the king and in most cases the matter would be referred to the chancellor (an office something like a mix of prime-minister & minister of justice) who would decide each case on its merits.  That of course resulted in inconsistencies and led to the development of the Court of Chancery and the emergence of the principles of the law of “equity”, designed both to remove inconsistencies and avoid the injustices sometimes the result of the strict application of the rigid rules of the common law.

Thus the emergence of the trust in which property could be transferred from one to another but with rights of the legal “owner” of the property in the trust restricted by the terms of the trust (typically that the property or its proceeds could be used or applied only to those beneficiaries named); the “legal owner” was thus really the trustee (the administrator).  It was a mechanism which proved useful over the centuries including during the wars of religion when trusts could be created to protect property from confiscation.  The trust is a flexible beast and a variety exist including the “secret trust” (although in most places they’re not as secret as once they were) and although most trusts formally are created an so-named, if an arrangement is found in substance and operation to be “a trust in all nut name”, a court can declare it to be a trust (technically a “constructive trust”).  Trusts are widely used today, mostly tax-minimization platforms because, as a general principle, income gained by a trust is not taxable until paid out to a beneficiary.  That has made trusts of great interest to those advocating tax-reform but because among the most enthusiastic users of trusts are the rich and politicians (society’s most dynamic and influential symbiosis whether in New York, Moscow, Beijing, Islamabad or Pyongyang), not much is likely to change.  A particular flavor of trust is the “irrevocable trust” which, as the name suggests, should be one in which the terms cannot be altered.

Washoe County Courthouse (1910), Reno Nevada.  Built in Classical Revival style, it first gained national attention when the combination of liberal residency requirements and liberal divorce laws created a "divorce boom" which made a significant contribution to the Nevada economy.

In 1999 Rupert Murdoch (b 1931), at the time of his second divorce, created the Murdoch Family Trust (MFT), into which was transferred the shareholdings of a number of companies and the terms of the trust were such that the succession plans for his media empire were settled.  The trust grants the family eight votes, Mr Murdoch controlling four, each of his eldest four children holding one; upon Mr Murdoch’s death, his four would have been distributed equally to them.  The device was created as an “irrevocable trust” as part of the terms of the divorce, the ex-wife waiving the right to a much higher payout in return for the “irrevocable” protection the terms of the trust afforded the four children.  In December 2023, Mr Murdoch filed papers in Reno, Nevada seeing to amend (ie in the technical sense “partially revoke”) the terms of the “irrevocable” MFT to the extent that his oldest son would assume full control over News Corp, the holding company which manages literally hundreds of assets (the best-known of which is now Fox News), excluding the other three siblings.  This was about operational control and did not affect the children’s financial stake in the trust.  The matter (In the Matter of the Doe 1 Trust) was in September 2024 heard before a probate commissioner, in camera, at Washoe County Courthouse, the parties (1) Rupert Murdoch and the eldest son on one side and (2) the three other siblings on the other.

Mr Murdoch had not previously been much associated with the state of Nevada but his legal team chose to file in Nevada because the state has the nation’s most flexible (they like to use the term “progressive”) statutes relating to trust law and it was thus concluded it was there that the highest chance existed for amending an “irrevocable” trust.  The Nevada approach in these matters in interesting in that the state permits “decanting”, a process by which a trustee can transfer assets from one trust into a new trust with different terms, in effect modifying the original trust in that the assets become subject to different rules.  Decant (inter alia “to pour from one vessel into another”) was from the French From French décanter, from the Medieval Latin dēcanthāre, the construct being dē- (of; from) +‎ canthus (beak of a cup or jug).  For administrative simplicity, decanting does not require the approval of a court but can be subject to challenge if it’s alleged a trustee lacks the requisite discretionary authority under the terms of the original trust document.

Wedding day: Rupert Murdoch (b 1931) & model Jerry Hall (b 1956).  The ceremony was conducted at Church of England church of St Bride's, Fleet Street, London, March 2016.  The couple divorced in 2022.

Under Nevada law, despite the name, an “irrevocable trust” is not “irrevocable” in an absolute sense because beneficiaries and trustees can agree to modify the terms of such a trust, even if the trust is irrevocable.  This process (a “non-judicial settlement agreement”) avoids the need for a court hearing, thereby reducing the expense and time required and exemplifies the sort of “flexibility” Nevada’s corporate regulators cite as reasons why the state should be a trustee’s jurisdiction of choice.  However, Nevada does require any modifications be consistent with the trust's purpose and not in violation with its fundamental terms and moreover the usual principles of equity governing trusts apply: there can be no unconscionable conduct.  A Nevada court also can modify or terminate an irrevocable trust if the trust's purpose has become impossible, impracticable, or illegal, or if circumstances not anticipated by the original grantor arise.  In that the remit of equity is wider than in contract law where courts have always been reluctant to “write contracts” although they will correct technical errors and a Nevada court can appoint a “trust protector”, an officer with the authority to amend trust terms, change beneficiaries, or even (under specified conditions) terminate the trust.  This authority can extend to the creation of a “directed trust” (a special class of constructed trust) which allow the grantor or beneficiaries to appoint an entity or individual to oversee specific trust decisions, which can include modifications (all of which are subject to the supervision and ultimately the approval of the court).

The decision of the probate commission in Reno will not have pleased Mr Murdoch.  In a 96 page opinion published on 9 December, the commissioner found Rupert and Lachlan Murdoch (b 1971; the eldest son) had acted in “bad faith” in their attempts to change the terms of the irrevocable MFT, suggesting the pair had organized a “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles” inside the empire “regardless of the impacts such control would have over the companies or the beneficiaries” of the MFT.  He didn’t go as far as one New Zealand judge who once damned evidence brought before him as “an orchestrated litany of lies” but the tone was still severe.

One untypical aspect of the matter is that it wasn’t directly about money; most trust cases involve money, indeed, a financial motivation is at the root of most civil matters.  Mr Murdoch was moved to seek to change the terms of the MFT because he’d concluded Lachlan was the only one of the four children who shared his views on how the editorial position of affected media outlets (most notably Fox News) should be maintained, the other three tending to a more liberal (in US terms) stance.  Interestingly, although that may appear a family’s ideological squabble, the documents which emerged from the discovery process in the matter of Dominion Voting Systems v Fox News (Delaware Superior Court: N21C-03-257; N21C-11-082) which culminated (thus far) in Fox settling the matter by paying Dominion some US$790 million, the alternative being to continue the case and allow more of Fox’s internal documents to enter the public domain) suggested that Mr Murdoch’s decisions about such things are led more by a commercial imperative than any political commitment.  In other words, Fox News should do what it does because it attracted viewers (the product) to deliver to advertisers (the customers); were the Fox News audience suddenly to have a moment of mass-catharsis and become a bunch of seed-eating, basket-weaving hippie vegans, so would shift the Fox News editorial stance.

The usual purpose of an irrevocable trust is to protect the beneficiary (or beneficiaries) from others but they have been recommended for those who might be advantaged by being “protected from themselves”.

So what Mr Murdoch wishes to ensure is that Fox News keeps on doing what it does (and whether one agrees with it or not, few would deny at what it does it’s the best in the world) because that is the path to the highest financial benefits for the MFT.  Lachlan understands and the others don’t so Mr Murdoch is trying to protect the three dissident children from themselves.  Whether defiant or deluded, the dissident triumvirate were pleased with the recommendation: “We welcome the commissioner’s decision and hope that we can move beyond this litigation to focus on strengthening and rebuilding relationships among all family members.”  It’s there’s a Murdoch family Christmas dinner, there might be what a diplomatic communiqué would describe as a “frank and robust exchange of views”.

Wedding day: Rupert Murdoch (b 1931) & molecular biologist Elena Zhukova (b 1956).  The ceremony was conducted at Mogara, Mr Murdoch’s Californian vineyard, June 2024.

The procedure in Nevada is the commissioner’s opinion will now be referred to a district court judge, sitting as a court of probate.  The judge can issue a ruling wholly favourable to one side or the other or in some way structure a decision which gives something to each; there will thus be one appeal or two and that may trigger more so although it’s possible the matter may not be finalized before Mr Murdoch dies (God forbid), he recently celebrated his fifth marriage so appears to remain robust and in rude good health.

Sable

Sable (pronounced sey-buhl)

(1) An Old World, small, carnivorous, weasel-like mammal, Mustela zibellina, of cold regions in Eurasia and the North Pacific Islands, valued for its fur which exists in shades of brown.  They are solitary & arboreal, with a diet largely of eat small animals and eggs.

(2) A marten, especially the Mustela americana & Martes zibellina.

(3) The fur of the sable.

(4) A garment made from sable (as descriptor or modifier)

(5) An artist's brush made from the fur of the sable.

(6) A type of French biscuit of a sandy texture and made with butter, sugar, eggs & flour.

(7) The stage name of Rena Marlette-Lesnar (née Greek, formerly Mero; b 1968), a US model & actress, best known for her career (1996-1999 & 2003-2004) as a professional wrestler.

(8) The color black, especially when in heraldic use.

(9) The color of sable fur (a range from yellowish-brown to dark brown).

(10) A locality name in North America including (1) a cape at the southern Florida (the southern-most point of the continental US and (2) the southernmost point of Nova Scotia, Canada.

(11) In the plural (as sables), black garments worn in mourning.

(12) In literary use, dark-skinned; black (archaic when used of people but used still in other contexts).

(13) In figurative use, a “black” or “dark” mood; gloominess (now rare).

1275–1325: From the Middle English sable, saibel, sabil & sabille (a sable, pelt of a sable; (the color) black), from the Old French sable, martre sable & saibile (a sable, sable fur), from the Medieval Latin sabelum & sabellum (sable fur), from the Middle Low German sabel (the Middle Dutch was sabel and the late Old High German was zobel), from a Slavic or Baltic source and related to the Russian со́боль (sóbol), the Polish soból, the Czech sobol, the Lithuanian sàbalas and the Middle Persian smwl (samōr).  Sable is a noun & adjective; the noun plural is sables or sable.

The modern funeral: @edgylittlepieces take on the sable.  Their funeral dress included a mode in which it could be “tightened up to make it super modest for the funeral”, later to be “loosened back down for the after-party.”  The promotional clip attracted many comments, some of which indicated scepticism about whether funerals had “after-parties” but the wake is a long-established tradition.  Wake (in this context) was from the Middle English wake, from the Old English wacu (watch), from the Proto-Germanic wakō and wakes could be held before or after the funeral service, depending on local custom.  In James Joyce's (1882–1941) Finnegans Wake (1939), Tim Finnegan's wake occurs before the funeral service so the young lady would have “loosened” first before “tightening” into “super modest” mode for the ceremony.  “Modest” is of course a relative term and it's literature's loss Joyce never had the chance to write about this sable although how he'd have interpolated it into the narrative of Finnegans Wake is anyone's guess but fragments from the text such as “…woven of sighed sins and spun of the dulls of death…” and “…twisted and twined and turned among the crisscross, kisscross crooks and connivers, the curtaincloth of a crater let down, a sailor’s shroud of turfmantle round the pulpit...” lend a hint.

In Western culture black is of course the color of mourning so funeral garments came to be known as “sables” but the curious use of sable to mean “black” (in heraldry, for other purposes and in figurative use) when all known sables (as in the weasel-like mammal) have been shades of brown (albeit some a quite dark hue) attracted various theories including (1) the pelt of another animal with black fur might have been assumed to be a sable, (2) there may in some places at some time have been a practice of dying sable pelts black or (3) the origin of the word (as a color) may be from an unknown source.  It was used as an adjective from the late fourteenth century and in the same era came to be used as a term emblematic of mourning or grief, soon used collectively of black “mourning garments”.  In the late eighteenth century it was used of Africans and their descendants (ie “black”) although etymologists seem divided whether this was originally a “polite” form or one of “mock dignity”.

AdVintage's color chart (left) and a Crusader Fedora hat in True-Sable with 38mm wide, black-brown grosgrain ribbon, handcrafted from Portuguese felt (right).

The phrase “every cloud has a silver lining” was in general use by the early nineteenth century and is used to mean even situations which seem bad will have some positive aspect and thus a potential to improve.  That’s obviously not true and many are probably more persuaded by the derivative companion phrase coined by some unknown realist: “Every silver lining has a cloud” (ie every good situation has the potential to turn bad and likely will).  “Every cloud has a silver lining” dates from the seventeenth century and it entered popular use after the publication of John Milton’s (1608–1674) masque Comus (1634) in which the poet summoned the imagery of a dark & threatening cloud flowing at the edges with the moon’s reflected light of the moon, symbolizing hope in adversity:

I see ye visibly, and now believe
That he, the Supreme Good, to whom all things ill
Are but as slavish officers of vengeance,
Would send a glistering guardian, if need were
To keep my life and honor unassailed.
Was I deceived, or did a sable cloud
Turn forth her silver lining on the night?
I did not err; there does a sable cloud
Turn forth her silver lining on the night,
And casts a gleam over this tufted grove.

Who wore the sable-trimmed coat better?  The Luffwaffe's General Paul Conrath (1896–1979, left) with Hermann Göring (1893–1946; leading Nazi 1922-1945, Hitler's designated successor & Reichsmarschall 1940-1945, centre), Soviet Union, 1942 and Lindsay Lohan at New York Fashion Week, September 2024.  Given modern sensibilities, Ms Lohan's “sable” presumably was faux fur and appeared to be the coat's collar rather than a stole but the ensemble was anyway much admired.  Count Galeazzo Ciano (1903–1944; Italian foreign minister 1936-1944 wasn’t an impartial observer of anything German but he had a diarist’s eye and left a vivid description of the impression the Reichsmarschall made during his visit to Rome in 1942: “At the station, he wore a great sable coat, something between what motorists wore in 1906 and what a high grade prostitute wears to the opera.”  Ciano was the son-in-law of Benito Mussolini (1883-1945; Duce (leader) & prime-minister of Italy 1922-1943) who later ordered his execution, a power doubtlessly envied by many fathers-in-law.

1996 Mercury Sable.  The styling of the third generation Sable (and the Ford Taurus) was upon its release controversial and, unlike some other designs thought “ahead of their time”, few have warmed to it.  To many, when new, it looked like something which had been in an accident and was waiting to be repaired.

Over five generations (1986–1991; 1992–1995; 1996–1999; 2000–2005 & 2008–2009), the Ford Motor Company (FoMoCo) produced the Mercury Sable, a companion (and substantially “badge-engineered”) version of the Ford Taurus (discontinued in the US in 2016 but still available in certain overseas markets).  Dreary and boring the FWD (front wheel drive) Taurus & Sable may have been but they were well-developed and appropriate to the needs of the market so proved a great success.  The Mercury brand had been introduced in 1939 to enable the corporation better to service the “medium-priced” market, its approach until then constrained by the large gap (in pricing & perception) between Fords and Lincolns; at the time, General Motors’ (GM) “mid-range” offerings (ie LaSalle, Buick, Oldsmobile & Pontiac (which sat between Chevrolet & Cadillac)) collectively held almost a quarter of the US market.  Given the structure of the industry (limited product ranges per brand) at the time it was a logical approach and one which immediately was successful although almost simultaneously, Ford added the up-market “Ford De Luxe” while Lincoln introduced the “Lincoln Zephyr” at a price around a third what was charged for the traditional Lincoln range.  It was a harbinger of what was to come in later decades when product differentiation became difficult to maintain as Ford increasingly impinged on Mercury’s nominal territory.  After years of decline, Ford took the opportunity offered by the GFC (Global Financial Crisis, 2008-2011) and in 2010 closed-down the Mercury brand.

Midler v. Ford Motor Co., 849 F.2d 460 (Ninth Circuit Federal Courts of Appeal, 1988)

Apart from the odd highlight like the early Cougars (1967-1970), Mercury is now little remembered and the Sable definitely forgotten but it does live on as a footnote in legal history which, since the rise of AI (Artificial Intelligence), has been revisited because of the advertising campaign which accompanied the Sable’s launch in 1996.  The case in which the Sable featured dates from 1988 and was about the protectibility (at law) of the voice of a public figure (however defined) and the right of an individual to prevent commercial exploitation of their “unique and distinctive sound” without consent.  FoMoCo and its advertising agency (Young & Rubicam Inc (Y&R)) in 1985 aired a series of 30 & 60 second television commercials (in what the agency called “The Yuppie Campaign”, the rationale of which was to evoke in the minds of the target market (30 something urban professionals in a certain income bracket) memories of their hopefully happy days at university some fifteen years earlier.  To achieve the effect, a number of popular songs of the 1970s were used for the commercials and in some cases the original artists licenced the material but ten declined to be involved so Y&R hired “sound-alikes” who re-recorded the material.  One who rejected Y&R’s offer was the singer Bette Midler (b 1945).

Sable (the stage name of Rena Marlette-Lesnar (née Greek, formerly Mero; b 1968)); promotional photograph issued by WWE (World Wrestling Entertainment) to which she was contracted.

Y&R had from the copyright holder secured a licence to use the song, Do You Want to Dance which Ms Midler had interpreted on her debut album The Divine Miss M (1972) and neither her name nor an image of her appeared in the commercial.  Y&R’s use of the song was under the terms of settled law; the case hung on whether Ms Midler had the right to protect her voice from commercial exploitation by means of imitation.  At trial, the district court described the defendants' conduct as that “...of the average thief...” (“If we can't buy it, we'll take it”) but held there was no precedent establishing a legal principle preventing imitation of Midler's voice and thus gave summary judgment for the defendants.  Ms Midler appealed.

Years before, a federal court had held the First Amendment (free speech) to the US constitution operated with a wide latitude in protecting reproduction of likenesses or sounds, finding the “use of a person's identity” was central; if the purpose was found to be “informative or cultural”, then the use was immune from challenge but if it “serves no such function but merely exploits the individual portrayed, immunity will not be granted.”  Moreover, federal copyright law overlays such matters and the “...mere imitation of a recorded performance would not constitute a copyright infringement even where one performer deliberately sets out to simulate another's performance as exactly as possible.”  So Ms Midler’s claim was novel in that it was unrelated to the copyrighted material (the song), thus excluding consideration of federal copyright law.   At the time, it was understood a “voice is not copyrightable” and what she was seeking to protect was something more inherently personal than any work of authorship.  There had been vaguely similar cases but they had been about “unfair competition” in which people like voice-over artists were able to gain protection from others emulating in this commercial area a voice, the characteristics of which the plaintiffs claimed to have “invented” or “defined” (the courts never differentiated).

On appeal, the court reversed the original judgment, holding that it was not necessary to “…go so far as to hold that every imitation of a voice to advertise merchandise is actionable.  We hold only that when a distinctive voice of a professional singer is widely known and is deliberately imitated in order to sell a product, the sellers have appropriated what is not theirs and have committed a tort in California.  Midler has made a showing, sufficient to defeat summary judgment, that the defendants here for their own profit in selling their product did appropriate part of her identity.”  What this established was an individual's voice can be as integral to their identity as their image or name and that is reflected in recent findings about AI-generated voices that mimic specific individuals; they too can infringe on similar rights if used without consent, particularly for commercial or deceptive purposes.  The “AI generated voice” cases will for some time continue to appear in many jurisdictions and it’s not impossible some existing (and long-standing) contracts might be declared void for unconscionability on the grounds terms which once “signed away in perpetuity” rights to use a voice will no longer enforced because the technological possibilities now available could not have been envisaged.